• Fri, 26 Apr 2019, 06:09 AM
  • All times are UTC
  • Edition:
    International
Link copied

Tim Draper wants to hear Facebook’s crypto project story for investment possibilities

Mon, 15 Apr 2019, 09:12 am UTC

Venture capitalist Tim Draper was planning to meet with social media giant Facebook to discuss investing in the latter’s crypto project, Bloomberg reported April 10.

“I am interested to hear the story,” Draper said. “We will see if it is a fit.”


Earlier this year, reports suggested that Facebook was working on “Facebook coin” and was in talks with several cryptocurrency exchanges about selling the coin to consumers. Last week, New York Times (NYT) tech reporter Nathaniel Popper said that Facebook was seeking support, around $1 billion, from venture capital firms for the project.

Anonymous sources had told NYT that Facebook was considering pegging the value of the coin to a basket of different foreign currencies – similar to the concept of stablecoin.

Sources familiar with the matter told Bloomberg that Facebook is trying to figure out “how to safeguard the digital assets or regular currencies that would be held to protect the value of the stablecoin.” They said that the coin is far from its launch at the moment.

Reports also suggest the Facebook is working on a major overhaul of its messaging infrastructure, which would connect Messenger, WhatsApp, and Instagram. The integration is expected to extend the reach of its coin to the 2.7 billion people who use one of these three apps each month.

Facebook ventured into the blockchain universe last May when David Marcus, head of Messenger, formed a group to explore how to best leverage Blockchain across Facebook. Since then, the company has been making multiple blockchain-related hires and recently acquired the team behind blockchain startup Chainspace.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,316.20 (-2.49%)
  • Ethereum (ETH) $156.39 (-4.70%)
  • XRP (XRP) $0.293200 (-2.25%)
  • Bitcoin Cash (BCH) $269.36 (-3.44%)
  • Litecoin (LTC) $72.72 (-0.47%)
  • Bitcoin (BTC) $5,316.20 (-2.49%)
Apr 26, 2019 (Friday)
05:16
Marsh to rollout proof of insurance blockchain platform
04:22
Wirex partners with Stellar network, announces plan to launch 26 stablecoins
03:50
FINRA establishes new office focused on fintech innovation
Apr 25, 2019 (Thursday)
11:44
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
10:56
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
10:06
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
09:01
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
07:07
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
06:11
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
05:15
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
04:13
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
03:32
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
11:33
Bitfury, Final Frontier launch regulated bitcoin mining fund
10:46
Liverpool FC to partner with TRON
10:02
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
09:06
South Korean hospital to integrate blockchain-based health data management solution
07:39
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
06:13
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
05:12
Crypto exchange Coinbase shuts Chicago division
04:20
MIT and other universities team up to explore blockchain potential for management of academic credentials
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft